Claudio Pascualucci: Our aim is to consolidate and strengthen our already positive trade relationship

Trade Commissioner at the Italian Trade Agency Claudio Pascualucci is currently in Cyprus attending the Eastern Mediterranean Conference & Exhibition in Limassol. In an interview with InBusinessNews, he refers to the strong trade ties between Cyprus and Italy, and the effort to explore different opportunities in order to further consolidate and strengthen them.

What is the purpose of ITA and its goals in Cyprus?

The Italian Trade agency is the Trade & Investments Institute created by our government almost 100 years ago to support and promote the internationalisation of Italian companies under the guidance of the Ministry of Foreign Affairs and International corporation. In Cyprus, our aim is to consolidate and strengthen the already positive trade relationships between the two countries and explore different opportunities, such as in the energy sector and the possibilities of participation in projects under the umbrella of the European recovery funds.

How does ITA help and support entrepreneurs who want to develop trade relations with Cyprus and Italy?

More specifically in Cyprus, we are deploying several activities such as for example the partnership with Alphamega for the promotion of Italian authentic food and beverage products. Such cooperation proved to be positive as since it was implemented, new Italian, authentic products are available for the consumers. We strive to promote the authenticity of Italian products vis a vis the so-called “Italian sounding” items as we aim to guarantee the quality and the originality of the Italian food industry. Along with the Italian Embassy, we also participate in the Italian flagship cultural/trade events such as Design Day, and Italian Food Week which are simultaneously organised all over the world on the same date.

According to the Cyprus Statistical Office in 2023, Italy holds a 4.02% share of imports in the Republic of Cyprus, with a value of €68,801,000 and we also have Italian companies investing in Cyprus. In which areas are these business activities mainly concentrated?

Italian export to Cyprus is mainly concentrated in the food and wine sector, spare parts, and industrial equipment and Italy has a growing role in the energy sector.

Where can the Cypriot businessman address information about the market, data, commercial opportunities, and business invitations in Italy?

One of our main targets is to strengthen to Italian trade fair ecosystem; in cooperation with the Italian industrial associations, trade fair organisers, and other stakeholders, ITA invites every year a huge number of buyers and investors from all over the world. Companies from Cyprus often attend our events in Italy. All information can be retrieved at our official home page www.ice.it our social media or by contacting our regional office in Beirut E: beirut@ice.it

Recently the President of the Cyprus Republic, Nikos Christodoulides, had a meeting with the President of Italy, Giorgia Meloni, where the intention was expressed to further develop bilateral trade and the strategic perspective of East Med, with the discovery of new energy deposits by ENI in seven licensed marine plots. What is the business development prospects for the energy sector?

Particularly in the energy sector, opportunities in the area are, unfortunately in this complicated period, jeopardised by local tensions and instability. Diplomacy is at work to find an equitable and stable solution nevertheless the prospects are extremely clear and interesting. What I can say is that Italy and Italian companies, either as main contractors, suppliers, or even in advisory are ready to play an important role in the region.

ITA is participating in the energy exhibition Eastern Mediterranean Conference & Exhibition (EMC 2023) on 28, 29 and 30 November at City of Dreams Mediterranean in Limassol, with the largest pavilion and eight Italian companies from the energy sector. What should we expect from the delegates and which sectors do these exhibitors do business?

Italy is an advanced country in the energy sector, due to the lack of significant natural resources our industries have developed innovative technologies that allow up to 40% of the country's energy bill to be covered by sustainable production. Here at EMC23, https://emc-cyprus.com the Italian participation showcases our advanced technology, innovative processes, and most of all the possibility to offer custom-made support and solutions thanks to the flexibility and experience to work abroad of Italian companies. It is ITA’s second participation at EMC and expectations are high in terms of networking and contacts as well as learning from key players the trends and the specific opportunities in such a strategic sector.

Would you like to send a greeting and an invitation to the business world of Cyprus on behalf of the ITA?

The ITALIAN TRADE agency warmly invites companies of Cyprus to attend the trade fair, to visit our pavilion, and to meet with the participating Companies to learn more about their technologies, products, and services. Myself and our staff are at the disposal of the visitor to learn more about Italy, a country that is not only known for fashion, food, and design, but also for advanced technologies, innovative production, sustainable industrial processes, and the capability to dialogue with any partner.